- Ethereum traded sideways yesterday.
- ETH supported by $1,650.
- Next resistance at $1,725.
Today’s Ethereum price prediction is bullish as the market found support around $1,650 after strong bearish pressure on Monday. Therefore, we expect Ethereum to push higher later today and retest resistance at the $1,725 mark.
Cryptocurrency heat map. Source: Coin360
The overall market is in the green today. The market leaders Bitcoin and Ethereum are up by 2.89 and 1.35 percent after trading sideways yesterday. From the top altcoins, the best performance is seen for Theta, which is up by 25.5 percent.
Ethereum price prediction: Ethereum finds support at $1,650, set to reverse
ETH/USD opened at $1,668 today after the market traded in a very small range yesterday. Since further downside seems to be rejected by the $1,650 support, we are likely to see the market reverse later today.
Ethereum price movement in the last 24 hours
Over the last 24 hours, Ethereum traded in a range of $1,659 – $1,725, indicating low volatility. Trading volume was down by 18.59 percent, totaling $20.2 billion. Market cap stands at $196 billion, ranking the coin in second place overall.
ETH/USD 4-hour chart – ETH rejecting further downside
On the 4-hour chart, we can see a small consolidation area formed over the last 24 hours after a bearish Ethereum price action on Monday. Since further downside is rejected, we are likely to see ETH/USD push higher and break above resistance at $1,725. Next resistance is seen around the $1,850 mark, which had previously resisted Ethereum from moving higher several times.
ETH/USD 4-hour chart. Source: TradingView
Overall, Ethereum has performed poorly this month. After peaking at around $1,930 on the 13th of March, the Ethereum price reversed lower and continued to consolidate between $1,725 – $1,850 support/resistance area.
Over the weekend, Ethereum made another push higher. However, it was resisted by the $1,850 resistance again. From there on, strong bearish momentum took the price of Ethereum 10 percent lower. As mentioned in our previous Ethereum price prediction, the market reached support around $1,650 – $1,660 yesterday and so far shows signs of rejection for further downside.
Therefore, the bearish Ethereum price momentum has stopped, and we could see a reversal over the following week. The first resistance to break is located around the $1,725 mark. If ETH manages to move back above the resistance, we should see the previous major resistance at $1,850 retested in the upcoming days.
From there on, much depends on whether Ethereum price can sustain its bullish momentum. If the $1,850 resistance is broken, we could see Ethereum continue towards reaching the current all-time high of $2,040 over the following month.
Alternatively, Ethereum will likely continue moving sideways until the price action develops a much stronger base from which to reverse. If the resistance at $1,750 holds, we are likely to see Ethereum move lower today and break lower, with the next support area located around the $1,600 mark.
From there on, Ethereum price could drop to $1,450, which would mean a very bearish overall market structure development. Therefore, if Ethereum moves much lower, we could see another large correction to the downside over the upcoming weeks, which could mean that ETH/USD will have to recover for several months until a new all-time high can be reached.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bullish as the market rejects further downside at the $1,650 support. Later today, we expect bullish Ethereum price momentum to take over again and push the market back above the $1,750 mark.
While waiting for Ethereum to reverse, see our guide on Bitcoin halving, as well as Ethereum long-term price prediction. If you wonder whether Ethereum will take over Bitcoin, see our comparison article on Bitcoin vs Ethereum.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.